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HIGHLIGHTS: India unveils pro-poor budget, keeps deficit target

India’s Finance Minister Arun Jaitley arrives at the parliament to present the federal budget for the 2016/17 fiscal year, in New Delhi, India, February 29, 2016.

REUTERS/ADNAN ABIDI

Indian Finance Minister Arun Jaitley unveiled a budget for the poor on Monday, announcing new rural aid schemes and skimping on a bank bailout, in a strategy shift that seeks to boost his ruling party in coming state elections.

Jaitley reiterated a forecast that India would grow by 7.6 percent in the fiscal year that is drawing to a close. He said the government wanted to spread the benefits of growth more widely among India’s 1.3 billion people, but that he would stick to the government’s existing fiscal deficit target for the coming year.

Here are the highlights of Jaitley’s budget for the fiscal year

that begins on April 1.

FISCAL DEFICIT

* Fiscal deficit seen at 3.9 percent of GDP in 2015/16

* Fiscal deficit seen at 3.5 percent of GDP in 2016/17

* Plan expenditure seen at 5.5 trillion rupees in 2016/17

* Proposes to set up panel to review fiscal responsibility management act